SAI HOTEL - SAN FRANCISCO

Property Summary

Property Description: Sai Hotel, 44 units, 33 tourist license rooms, 10 unwarranted rooms. Rooms contain bed, sink, operable windows. There are 5 shared bathrooms on the hallways. Scheduled rent $500/month/room. In addition to the above, 1 manager's apartment with private bathroom, kitchenette, offices, and laundry. Scheduled rent $1000/month. Centrally controlled heating system. Partial basement storage. Fire alarms, sprinklers, smoke detectors. Seismic work done. Outdoor advertising signage income $360/month. Potential use: economy tourist hotel, residential hotel, youth hostel, dormitory, supportive housing for non-profit organization. Up-side potential for new management to re-position property in the market place. "As Is" condition with no guarantees. Do not disturb occupants. Call for more information and tour. All offers encouraged.

Zoning: RSD. Permitted non-conforming use for 33 tourist hotel rooms, and managers apartment.

Location Description: San Francisco. South of Market. Moscone Center 1/2 mile. BART Station 1/2 mile. Access freeways: 80, 101, 280. Located in Redevelopment Project Area. Neighborhood in transition. This up-and-coming neighborhood has undergone substantial transformation over the last decade. Recent completed projects anchoring this block include: Leland Apartments at 980 Howard St, and Plaza Apartments at 988 Howard St. Facing across is a live/work loft residence known as 967 Howard St, which was featured on the cover of the 2002 edition of Architectural Record, and re-sold in 2007 for $3.2mm. Numerous other recent live/work condo projects line adjacent alleys of Natoma and Tehama, including 460 Natoma asking price $11.3mm. In 2008 the InterContinental Hotels Group (NYSE:IHG) is scheduled to open a new 32 floor glass and steel luxury high-rise hotel at 888 Howard St, on next corner, with rates starting in the range of $250/night.

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